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Compare Bankwest home loan rates

Find the home loan to best suit your needs. Compare reviews, interest rates, fees and features with Ratecity to make sure you get the right loan.

Bankwest was named Money magazine’s Bank of the Year in 2017, with its below average mortgage rates a contributing factor.

Bankwest was founded by the government of Western Australia in 1895. Originally known as the Agricultural Bank of Western Australia, it has changed hands and names several times since, becoming known as Bankwest in 1994.

Bankwest was bought by the Commonwealth Bank of Australia in 2008. Although its headquarters is in Perth, Bankwest has offices throughout Australia.

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Bankwest home loans rates

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Pros:
  • Flexible repayment options.
  • Wide range of home loan products.
  • Relatively competitive rates on most loans.
  • Package loans available.
Cons:
  • Optional offset account charges a small fee.
  • Branches limited outside WA.
Bankwest customer service:

Bankwest home loans customers can contact the bank through a number of different mediums, including online, via email or on the Bankwest Forum. The bank also has an Australian-based call centre with specialised lines for personal, business and international customers. There is also the option to talk to a staff member in person at Bankwest branch or book a mobile or phone appointment with an affiliated lending specialist.

  • Customer service centre (phone, email, branch)
  • Mobile app
  • Online banking
  • Live Chat
  • Mobile banking staff

How to Apply

Potential Bankwest customers can apply for a home loan in a number of ways. These include online or phone applications, as well as the option to make an appointment at a Bankwest branch or with a mobile lending specialist. You will also need to provide documentation when applying for a home loan. This may include:

  • Personal details and identification.
  • Employment details.
  • Financial details such as income, assets and any other loans or commitments.

For refinancers you may also have to provide recent home loan statements for the past six months from your other financial institution.

About Bankwest home loans

There are home loans offered by Bankwest to suit almost every mortgage borrower in Australia, including:

  • First home buyers
  • Upgraders
  • Renovators
  • Refinancers
  • Investors
  • Seniors (reverse mortgages)
  • SMSFs (superannuation home loans)
  • Self-employed (low-doc loans)
  • Line-of-credit loans (for new and small businesses)

Bankwest also offers a variety of mortgage interest rates, including:

  • Variable interest rates
  • Fixed interest rates
  • Principal-and-interest home loans
  • Interest-only mortgages
  • Split loans

Bankwest lets customers use a paperless home loan application. The maximum term on a home loan with Bankwest is 30 years, and repayments can be made weekly, fortnightly or monthly. There are also mortgages from the bank that offer a free redraw facility, as well as up to 100 per cent offset account and the ability to make extra repayments any time. It pays to compare the home loans carefully to find the features that suit you best.

Bankwest home loan rates

Mortgage rates offered by Bankwest differ depending on what product customers choose. Bankwest has to compete against the big four banks, which have significantly more brand recognition and branches. So, to stay competitive, Bankwest often undercuts the interest rates offered by ANZ, Commonwealth Bank, NAB and Westpac.  

For owner-occupiers paying interest and principal, Bankwest rates tend to be moderately low, while its interest-only rates tend to be very low. Mortgages for investors generally have very low interest rates, especially interest-only home loans. Bankwest’s upfront fees are generally moderate. That said, there can be differences from product to product.

Bankwest puts a different rate on variable and fixed home loans. Depending on the product, there can be significant differences, so it’s worth comparing the two to get the best home loan rate to suit your needs.

Bankwest home loans review

Bankwest mortgage customers get the benefit of banking with a smaller, more personal bank, but the safety of knowing it’s owned by the largest bank in Australia (Commonwealth Bank).

Bankwest offers home loans to suit almost every type of borrower, whether a first home buyer, a refinancer, an investor or an owner-occupier. There are also several specialist home loans offered by Bankwest, including reverse mortgages, SMSF mortgages and low-doc loans for the self-employed.

Bankwest’s interest rates are generally low compared to many of its competitors in Australia, but the fees vary significantly between the products offered by the bank. There are some home loans at Bankwest with no application and monthly maintenance fees, however some mortgage products have high annual fees, so it pays to compare home loans carefully to get the best deal.

About Bankwest home loans

There are home loans offered by Bankwest to suit almost every mortgage borrower in Australia, including:

  • First home buyers
  • Upgraders
  • Renovators
  • Refinancers
  • Investors
  • Seniors (reverse mortgages)
  • SMSFs (superannuation home loans)
  • Self-employed (low-doc loans)
  • Line-of-credit loans (for new and small businesses)

Bankwest also offers a variety of mortgage interest rates, including:

  • Variable interest rates
  • Fixed interest rates
  • Principal-and-interest home loans
  • Interest-only mortgages
  • Split loans

Bankwest lets customers use a paperless home loan application. The maximum term on a home loan with Bankwest is 30 years, and repayments can be made weekly, fortnightly or monthly. There are also mortgages from the bank that offer a free redraw facility, as well as up to 100 per cent offset account and the ability to make extra repayments any time. It pays to compare the home loans carefully to find the features that suit you best.

Bankwest home loan rates

Mortgage rates offered by Bankwest differ depending on what product customers choose. Bankwest has to compete against the big four banks, which have significantly more brand recognition and branches. So, to stay competitive, Bankwest often undercuts the interest rates offered by ANZ, Commonwealth Bank, NAB and Westpac.  

For owner-occupiers paying interest and principal, Bankwest rates tend to be moderately low, while its interest-only rates tend to be very low. Mortgages for investors generally have very low interest rates, especially interest-only home loans. Bankwest’s upfront fees are generally moderate. That said, there can be differences from product to product.

Bankwest puts a different rate on variable and fixed home loans. Depending on the product, there can be significant differences, so it’s worth comparing the two to get the best home loan rate to suit your needs.

Bankwest home loans review

Bankwest mortgage customers get the benefit of banking with a smaller, more personal bank, but the safety of knowing it’s owned by the largest bank in Australia (Commonwealth Bank).

Bankwest offers home loans to suit almost every type of borrower, whether a first home buyer, a refinancer, an investor or an owner-occupier. There are also several specialist home loans offered by Bankwest, including reverse mortgages, SMSF mortgages and low-doc loans for the self-employed.

Bankwest’s interest rates are generally low compared to many of its competitors in Australia, but the fees vary significantly between the products offered by the bank. There are some home loans at Bankwest with no application and monthly maintenance fees, however some mortgage products have high annual fees, so it pays to compare home loans carefully to get the best deal.

FAQs

They’re impersonal 

Most comparison sites give you information about rates, fees and features, but expect you’ll pay more with a low advertised rate and $400 ongoing fee or a slightly higher rate and no ongoing fee. The answer is different for each borrower and depends on a number of variables, in particular how big your loan is. Comparisons are either done based on just today or projected over a full 25 or 30 year loan. That’s not how people borrow these days. While you may take a 30 year loan, most borrowers will either upgrade their house or switch their home loan within the first five years. 

You’re also expected to know exactly which features you want. This is fine for the experienced borrower, but most people know some flexibility is a good thing, but don’t know exactly which features offer more flexibility than others. 

What is the flexibility score?

Today’s home loans often try to lure borrowers with a range of flexible features, including offset accounts, redraw facilities, repayment frequency options, repayment holidays, split loan options and portability. Real Time Ratings™ weights each of these features based on popularity and gives loans a ‘flexibility score’ based on how much they cater to borrowers’ needs over time. The aim is to give a higher score to loans which give borrowers more features and options.

They’re not always timely

In today’s competitive home loan market, lenders are releasing new offers almost daily. These offers are often some of the most attractive deals in the market, but won’t get rated by traditional ratings systems for up to a year. 

The assumptions are out of date 

The comparison rate is based on a loan size of $150,000 and a loan term of 25 years. However, the typical loan size is much higher than that. Million dollar loans are becoming increasingly common, especially if you live in metropolitan parts of Australia, like Sydney and Melbourne. It’s also uncommon for borrowers to hold a loan for 25 years. The typical shelf life for a home loan is a few years. 

The other problem is because it’s a percentage, the difference between 3.9 or 3.7 per cent on a $500,000 doesn’t sound like much, but equals around $683 a year. Real Time Ratings™ not only looks at the difference in the monthly repayments, but it will work out the actual cost difference once fees are taken into consideration. 

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^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.

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